Reddit Hits $32M in NFT Sales. 10M Holders Since Web3 Launch

Web3-friendly social network Reddit is putting NFTs into the mainstream.

Reddit mascot standing on a cliff spitting money into the valley.
Created by Gabor Kovacs from DailyCoin
  • Reddit counts almost 10M NFT holders a year since Web3 push.
  • The most expensive Reddit avatar was sold for nearly $50,000.
  • Reddit dished out around 2,000 NFTs a month since January 2023.

The pro-blockchain social platform Reddit is thriving with the success of Reddit collectibles. Launched in July 2022, the series of non-fungible tokens seems to be loved by their large community as they are unique, affordable, and stored on one of the most secure blockchain platforms, Polygon (MATIC).

Indeed, on-chain data unveils a whopping 9,909,465 Reddit accounts holding NFTs, while so far the collectibles have engulfed a $38,466,577 market cap. Most of the inaugural year success is thanks to the trademark collections like The Senses, poieeeyee and Foustlings – all three topped $1 million in sales, according to the blockchain data analytics firm DuneAnalytics

How to Get a Free Reddit Rabbids NFT

Besides the 303,033 sales made already from the aforementioned NFT collections, Reddit joined forces with Ubisoft, a major video game publisher. In celebration of their one year anniversary in Web3, Reddit just dropped the Rabbids NFT collection, which features the iconic alien rabbit characters and their red plungers.

Ubisoft’s trademark Rabbids from the early ’00s will now live on Polygon’s blockchain. In order to claim one of the free Reddit x Ubisoft Rabbids NFTs, users must log in to Reddit and press ‘Style Avatar.’ A new dialog box will appear where Rabbids NFTs will be seen under ‘Explore.’ Finally, press ‘Get’ and the minting process on Polygon (MATIC) will be initiated.

On the Flipside

  • Due to last year’s crypto market crash, Reddit mainly refrained from using the term “NFTs” but rather “digital collectibles” for the profile avatars.

Why This Matters

Reddit is one of the largest social platforms, with 1.66 billion users worldwide, recording a 39% growth since last year.

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Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.